Zenith Energy Ltd Update on Electricity Production (8400O)

TIDMZEN

RNS Number : 8400O

Zenith Energy Ltd

14 June 2022

June 14, 2022

ZENITH ENERGY LTD.

("Zenith" or the "Company")

Update on Electricity Production

Zenith Energy Ltd. (LSE: ZEN; OSE: ZENA), the listed international energy production and development company, is pleased to provide an update on its electricity production operations at the Torrente Cigno concession in Italy during the month of May 2022.

During the month of May 2022, the Company produced a total of approximately 875.6 megawatt hours ("MWh").

Electricity prices during the month of May 2022 averaged approximately EUR 223 per MWh, resulting in net revenues of approximately EUR 195,000. Zenith's current net production costs remain fixed at approximately EUR 35,000 per month.

Luca Benedetto, Chief Financial Officer and Managing Director of Italian operations, commented:

"Zenith's Italian electricity production operations continue to deliver sustained, highly material profitability.

We have performed certain maintenance work during the month of May 2022 at Torrente Cigno, and have further work planned throughout this month, with a view to increasing our production during the second part of 2022.

Beyond Torrente Cigno, our Italian portfolio presents several exciting development opportunities, and we hope to deliver news on this front during the year once we receive the necessary approvals to develop our other natural gas production concessions."

Further Information:

 
Zenith Energy Ltd 
                                         Tel: [phone] 
 Andrea Cattaneo, Chief Executive        E: [e-mail] 
 Officer 
BlytheRay - Financial PR/IR            Tel: [phone] 
 Tim Blythe, Alice McLaren, Madeleine   E: [e-mail] 
 Gordon-Foxwell 
Alternative Resource Capital - 
 Broker                                  Tel: [phone] 
                                         Tel: + 44 (0) 207 186 9005 
 Alex Wood 
 Keith Dowsing 
 

Notes to Editors :

Zenith Energy Ltd. is an international oil, gas, and electricity production company, listed on the London Stock Exchange Main Market (LSE: ZEN) and the Euronext Growth Market of the Oslo Stock Exchange (OSE: ZENA).

Zenith's growth strategy is to successfully develop its existing portfolio of energy production assets in Italy and Africa, as well as to proactively identify and acquire any additional energy production and development opportunities in these regions.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

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June 14, 2022 08:14 ET (12:14 GMT)